{"id":57544,"date":"2008-10-06T00:00:00","date_gmt":"2008-10-05T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/mahalaxmi-vs-unknown-on-6-october-2008"},"modified":"2019-02-08T11:41:45","modified_gmt":"2019-02-08T06:11:45","slug":"mahalaxmi-vs-unknown-on-6-october-2008","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/mahalaxmi-vs-unknown-on-6-october-2008","title":{"rendered":"Mahalaxmi vs Unknown on 6 October, 2008"},"content":{"rendered":"<div class=\"docsource_main\">Gujarat High Court<\/div>\n<div class=\"doc_title\">Mahalaxmi vs Unknown on 6 October, 2008<\/div>\n<div class=\"doc_author\">Author: K.A.Puj,&amp;Nbsp;<\/div>\n<pre>   Gujarat High Court Case Information System \n\n  \n  \n    \n\n \n \n    \t      \n         \n\t    \n\t\t   Print\n\t\t\t\t          \n\n  \n\n\n\t \n\t \n\t \n\t \n\t \n\t \n\t \n\t\n\n\n \n\n\n\t \n\nCOMP\/21020\/2008\t 4\/ 4\tJUDGMENT \n \n \n\n\t\n\n \n\nIN\nTHE HIGH COURT OF GUJARAT AT AHMEDABAD\n \n\n \n\n\n \n\nCOMPANY\nPETITION No. 210 of 2008\n \n\nIn\n\n\n \n\nCOMPANY\nAPPLICATION No. 332 of 2008\n \n\nWith\n\n\n \n\nCOMPANY\nPETITION No. 211 of 2008\n \n\nIn\n\n\n \n\nCOMPANY\nAPPLICATION No. 333 of 2008\n \n\n \n \nFor\nApproval and Signature:  \n \nHONOURABLE\nMR.JUSTICE K.A.PUJ\n \n=========================================================\n\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\n1\n\t\t\n\t\t \n\t\t\t \n\nWhether\n\t\t\tReporters of Local Papers may be allowed to see the judgment ?\n\t\t\n\t\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\n2\n\t\t\n\t\t \n\t\t\t \n\nTo\n\t\t\tbe referred to the Reporter or not ?\n\t\t\n\t\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\n3\n\t\t\n\t\t \n\t\t\t \n\nWhether\n\t\t\ttheir Lordships wish to see the fair copy of the judgment ?\n\t\t\n\t\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\n4\n\t\t\n\t\t \n\t\t\t \n\nWhether\n\t\t\tthis case involves a substantial question of law as to the\n\t\t\tinterpretation of the constitution of India, 1950 or any order\n\t\t\tmade thereunder ?\n\t\t\n\t\n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\n5\n\t\t\n\t\t \n\t\t\t \n\nWhether\n\t\t\tit is to be circulated to the civil judge ?\n\t\t\n\t\n\n \n\n=========================================================\n\n\n \n\nMAHALAXMI\nFABRIC MILLS PVT LTD - Petitioner(s)\n \n\nVersus\n \n\n.\n. - Respondent(s)\n \n\n=========================================================\n \nAppearance : \nMRS\nSWATI SOPARKAR for Petitioner(s) : 1, \nMR HARIN P RAVAL for\nRespondent(s) :\n1, \n========================================================= \n\n \n\t  \n\t \n\t  \n\t\t \n\t\t\t \n\nCORAM\n\t\t\t: \n\t\t\t\n\t\t\n\t\t \n\t\t\t \n\nHONOURABLE\n\t\t\tMR.JUSTICE K.A.PUJ\n\t\t\n\t\n\n \n\nDate\n: 06\/10\/2008 \n\n \n\nORAL\nJUDGMENT<\/pre>\n<p>These<br \/>\n\tare petitions filed by two petitioner companies for sanction of a<br \/>\n\tScheme of Arrangement in the nature of amalgamation of Mahalaxmi<br \/>\n\tFabric Mills Private Limited with Mahalaxmi Rubtech Limited under<br \/>\n\tSection 391 to Section 394 of the Companies Act, 1956.\n<\/p>\n<p>It<br \/>\n\thas been submitted that the Transferor Company is a private limited<br \/>\n\tcompany and the Transferee Company is a listed public limited<br \/>\n\tcompany and both belong to the same group of management. The<br \/>\n\tTransferor Company is dealing in the business of Fabric Processing<br \/>\n\tand undertakes job work for various business houses. The Transferee<br \/>\n\tCompany is engaged in two separate commercial activities through two<br \/>\n\tseparate divisions namely Rubber division and Textile division. Both<br \/>\n\tthe companies are profit making companies. The amalgamation is<br \/>\n\tproposed for achieving synergic advantages and consolidation of<br \/>\n\toperations. The petition gives details of the advantages that would<br \/>\n\tflow by virtue of the amalgamation of these companies.\n<\/p>\n<p>The<br \/>\n\tproposed scheme was approved by the Equity Shareholders of the<br \/>\n\tTransferor Company through written consent letters and hence vide<br \/>\n\tthe order dated 14th May, 2008, the meeting of the<br \/>\n\tshareholders of the Transferor Company were dispensed with. Whereas<br \/>\n\tthe proposed scheme was put for consideration of the Secured and<br \/>\n\tUnsecured Creditors of the Transferor company and Equity<br \/>\n\tShareholders of the Transferee Company, at the respective meetings<br \/>\n\theld on 7th and 8th July, 2008 which were<br \/>\n\tconvened pursuant to the directions issued by this Court vide orders<br \/>\n\tpassed on 14th May, 2008 in company application No.332<br \/>\n\tand 333 of 2008 respectively. The proposed scheme was unanimously<br \/>\n\tapproved at the respective meetings. The Chairman&#8217;s reports have<br \/>\n\tbeen duly filed on 11th July, 2008 giving the result of<br \/>\n\tthe said meetings.\n<\/p>\n<p>After<br \/>\n\tthe petitions were admitted, the same were duly advertised in the<br \/>\n\tnewspapers. The said publication for the Transferor Company was made<br \/>\n\tin &#8216;The Indian Express&#8217; and &#8216;Loksatta-Jansatta&#8217; both Ahmedabad<br \/>\n\teditions of 1st August, 2008 and for the Transferee<br \/>\n\tCompany was made in the &#8216;The Indian Express&#8217; and &#8216;Divya Bhaskar&#8217;<br \/>\n\tboth Ahmedabad editions of 1st August, 2008. The<br \/>\n\tpublication in the Government gazette was dispensed with as directed<br \/>\n\tin the order dated 22nd July, 2008. Affidavits dated 14th<br \/>\n\tAugust, 2008 has been filed confirming the said publications. No one<br \/>\n\thas come forward with any objections to the said petitions even<br \/>\n\tafter the publication. The said fact has been confirmed vide the<br \/>\n\tAdditional Affidavits filed on 20th September, 2008.\n<\/p>\n<p>Notice<br \/>\n\tof the petition was served upon the Official Liquidator for the<br \/>\n\tTransferor company. A report dated 28th August, 2008 has<br \/>\n\tbeen filed by the Official Liquidator and the same confirms that the<br \/>\n\taffairs of the Transferor company has not been conducted in a manner<br \/>\n\tprejudicial to the interest of its members, creditors or public<br \/>\n\tinterest.\n<\/p>\n<p>Notice<br \/>\n\tof the petition has been served upon the Central Govt. and Shri<br \/>\n\tHarin P.Raval, the learned Asst. Solicitor General appears for the<br \/>\n\tCentral Govt. An affidavit dated 18th September, 2008 has<br \/>\n\tbeen filed by Mr.R.K. Dalmia, Deputy Registrar of Companies along<br \/>\n\twith the letter from the Regional Director dated 16th<br \/>\n\tSeptember, 2008, whereby the only observation pertains to the filing<br \/>\n\tof Form No.61 by both the petitioner companies. Vide the affidavits<br \/>\n\tdated 20th September, 2008 filed by respective Directors<br \/>\n\tof the Petitioner Companies, the petitioner companies have placed on<br \/>\n\trecord the proof as well as a copy of the said Form No.61 with the<br \/>\n\toffice of the Registrar of Companies on 14th August,<br \/>\n\t2008. Considering the facts and circumstances and in light of the<br \/>\n\taforesaid submissions, there is no reason to withhold the sanction<br \/>\n\tto the Scheme of arrangement.\n<\/p>\n<p>Heard<br \/>\n\tShri Harin P.Raval, learned Asst. Solicitor General appearing for<br \/>\n\tthe Central Government and Smt.Swati Saurabh Soparkar, learned<br \/>\n\tadvocate for the petitioner companies. Having gone through the<br \/>\n\tpetitions, and being satisfied that amalgamation would be in the<br \/>\n\tinterest of the companies and their members and creditors, prayers<br \/>\n\tin terms of paragraph 22(a) of the Company Petition No.210 of 2008<br \/>\n\tand Paragraph No.20(a) of the Company Petition No.211 of 2008 are<br \/>\n\thereby granted.\n<\/p>\n<p>The<br \/>\n\tpetitions are disposed of accordingly. So far as the costs to be<br \/>\n\tpaid to the Central Government Standing Counsel is concerned, the<br \/>\n\tsame are quantified at Rs.3,500\/- per petition. The same may be paid<br \/>\n\tto learned Asst. Solicitor General Shri Harin P.Raval.\n<\/p>\n<p>(K.A.PUJ,<br \/>\nJ.)<\/p>\n<p>ashish\/\/<\/p>\n<p>\t\t   \u00a0\u00a0\u00a0<\/p>\n<p>\t\t   Top<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gujarat High Court Mahalaxmi vs Unknown on 6 October, 2008 Author: K.A.Puj,&amp;Nbsp; Gujarat High Court Case Information System Print COMP\/21020\/2008 4\/ 4 JUDGMENT IN THE HIGH COURT OF GUJARAT AT AHMEDABAD COMPANY PETITION No. 210 of 2008 In COMPANY APPLICATION No. 332 of 2008 With COMPANY PETITION No. 211 of 2008 In COMPANY APPLICATION No. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,8],"tags":[],"class_list":["post-57544","post","type-post","status-publish","format-standard","hentry","category-gujarat-high-court","category-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mahalaxmi vs Unknown on 6 October, 2008 - Free Judgements of Supreme Court &amp; 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